Key topics covered in this article:

  • Evolving Estate Planning Needs: Longer life expectancies and changing tax laws are reshaping estate planning, requiring ongoing updates to protect assets and ensure efficient wealth transfer.
  • Trust and Asset Oversight: Regular reviews of trust operations, investment strategies, and liquidity are essential to align with family goals and minimize risks like unnecessary taxes or unintended distributions.
  • Tax and Legacy Strategies: Proactive tax planning, including leveraging exemptions and addressing state-specific rules, helps preserve wealth while aligning with personal legacy and philanthropic goals.


The impending ‘age wave’ and longer life expectancies are influencing how families plan for retirement and make legacy decisions. By 2030, every baby boomer will be over the age of 65, and many will spend decades managing wealth later in life, with the average life expectancy reaching into the mid-80s. Living longer is certainly welcomed news, but it also changes how people need to think about protecting their assets and passing down wealth.  

In this new era, estate planning has become a living, breathing strategy rather than the one-time transfer of assets it was once thought to be. With more years beyond full-time work also means more years of healthcare expenses and longer periods drawing on savings, which can make it harder to decide how and when to pass wealth onto the next generation. 

Expectations for slower growth (-0.1% CAGR through 2030) across the trusts and estates industry in the coming years is also fueling discussions about proactive planning, particularly around liquidity. Despite trusts being an in-demand, primary tool for long-term wealth transfer, slower growth puts more emphasis on the underlying investment strategy. Changes in market returns, distribution patterns, and longevity mean that they now require closer oversight to stay on track over time.   

With trillions changing hands in the coming years, families should be taking action to protect what they’ve built and start preparing for how this new era in estate planning may affect their legacy. 

Oversight and Structure 

Today, Baby Boomers currently hold over $85 trillion in assets. This is more than half of all the country’s wealth, even though they make up only a fifth of the population. As this generation ages, much of that wealth will pass down to children and charities. Yet recent data shows that only 43.5% have an estate plan, and only 11.9% have a will.  

What’s worse than not having one at all is having one that isn’t maintained. Like anything that’s meant to last, estate plans require regular maintenance and follow-through. Families grow and life events happen; assets are bought and sold; and the laws that affect estate plans inevitably change. Plans should capture and account for these changes accordingly.  

Here are a few ways to keep your plan updated and working in the best interest for your family: 

  •  Trust oversight: Review how the various trusts are operating to confirm distributions, charitable contributions, reporting, and responsibilities align with the trust’s terms and current circumstances.  
  • Fees: Look over trustee compensation, investment advisory fees, and fiduciary expenses to ensure they’re documented and reasonable given the trusts’ size and complexity. These costs can affect income and taxable deductions, so it’s important to double check record-keeping, especially for irrevocable trusts where deductions may be more favorable. 
  • Housekeeping: Be sure to account for titles, beneficiary designations, and trust documents to avoid unintended distributions or outcomes. 
  • Cybersecurity: Protect personal information with strong encryption and multi-factor authentication. 

 Assets, Liquidity and Risk 

Many estates and trusts now plan for a longer horizon. Within that time, assets need to function differently in order to support both current needs while still preserving wealth for beneficiaries.

Following are some areas families will want to review:  

  • Investment review: Determine whether the mix of assets held in the trust are aligned with its time horizon, income needs, and tolerance for market risk.  
  • Long-term care liquidity: Gauge expected future expenses, especially related to medical needs based on the age and health of beneficiaries, and make sure that the trust can access cash or easily sellable investments, like marketable securities, rather than only illiquid assets such as real estate or closely held businesses.  
  • Basis planning: Review where assets are held to determine whether they should remain in a trust or be positioned in the grantor’s estate to allow for a step-up in basis, potentially reducing capital gains taxes for heirs down the road. 

Tax Strategy and Wealth Transfer 

Tax strategy plays a big role in how estate plans operate. A well-structured plan can minimize taxes and preserve more wealth for your beneficiaries. And at the rate of regulatory changes, estates should be revisited every few years to keep pace with federal and state rules. Otherwise, they could end up being less efficient, falling out of compliance, or even triggering unforeseen tax consequences. 

Outlined below are several tax considerations families should weigh as part of their planning. 

  • Tax planning and wealth transfer: Review whether trust structures still work under current tax rules and family circumstances.  
  • One Big Beautiful Bill Act (OBBBA): Evaluate how higher estate and gift tax exemptions affect current planning opportunities. Amounts transferred above the available exemption remain subject to estate, gift, and GST tax at a top marginal rate of 40%. 
  • Generation-skipping transfer (GST) planning: Look at how GST exemptions have been allocated to determine if multigenerational trusts are structured as intended to function over a longer planning horizon. Improper allocation can end up resulting in an additional layer of transfer tax. 
  • Portability: Married couples need to confirm that their estate documents appropriately elect portability to ensure any unused estate and gift tax exemption amount is transferred to the surviving spouse for future planning. 
  • State taxation: Be sure to review trust residency and administration rules to avert any unnecessary income taxes should families relocate or assets move. 

 Leaving a Legacy 

The numbers are only half of the equation. Estate planning is made up of deeply personal goals that reflect intention and legacy. It’s how they plan to give, protect, and provide for the people and causes that matter most. These deserve regular attention.  

  • Charitable contributions: Review changes to charitable deduction rules scheduled to take effect in 2026. Families will want to reassess funding cadence, gifting vehicles, and determine if contributions align with philanthropic and tax objectives. 
  • Life insurance trusts (ILITs): Verify that premium payments are made on time; review the delivery and documentation of Crummey notices so beneficiaries have timely access to withdrawal rights, and assess the policy structure to make sure the policy is funded correctly and the trust is working as it should be. 

Planning for Change 

Tax season is around the corner. Now is a good time for families to take a look at their estate planning strategies, compare where things landed at year-end, and confirm that their plans for 2026 and beyond are still where they want them to be.

If you have questions or would like to discuss how these topics fit into your estate planning goals, contact our Estate and Trust Team.